Their overall and administrative expenses for the third quarter are down by 34% on the second quarter. The most significant reduction is in salaries, which are down 36%, and also the closure of the Vancouver office in March has given a major cost reduction. We believe that these savings along with a sales drive will help to put the Company into profit in the next financial year.
Both of the Skyrota products are nearing market readiness and have been accepted on the MCS accreditation scheme. This government regulating testing will verify production durability and noise, and this more importantly will make the machines eligible for UK feed in tariffs.
"LGC Skyrota has made some significant cost reductions and is adapting well to being a public company," said Richard Hogg, President and CEO of LGC Skyrota. "We anticipate sustained growth and strong revenues from our two business sectors, but in particular we feel that we have reached a major milestone with our micro wind division. Both divisions are trading in well established and growing markets which we hope to capitalize on."
LGC Skyrota Wind Energy Corp. is a leader in the development and maintenance of clean-energy producing wind turbines. With operations based in Northern Ireland and executive offices located in Vancouver, B.C., the Company is well-positioned to expand throughout Europe and enter the North American market.
The Company operates two business divisions: LGC, which rebuilds gearboxes for large wind turbines, and Skyrota, which manufactures a revolutionary 5kW small vertical-axis wind turbine. LGC Skyrota trades on the TSX Venture Exchange under the symbol LGS.